A new Dh690 million contract for the construction the prestigious 107-storey ‘Princess Tower’ at Dubai Marina was recently awarded to the Arabian Construction Company (ACC), also associated with the construction of a number of other high-rise buildings in Dubai.

The Princess Tower, which will stand as the world's tallest residential tower at the Dubai Marina complex, lies on a massive 3,500 square meter plot in Dubai Marina, according to reports in Gulf News. The tower will stand 414 meters tall, with a total built-up area of 170,000 square meters, and is being developed by the Sharjah-based Tameer Holdings.

Upon completion, the building will contain 750 luxury residential apartment units of two, three and four bedrooms along with luxury duplex villas as well as penthouses.

The tower is expected to replace the 323 meter Q1 Tower on the Gold Coast of Australia as the world's tallest all-residential building.

Speaking on the reception of the new prestigious contract, general manager of ACC Dubai, Hassan Auji told reporters, "We thank Tameer for entrusting us with their signature project, which we commit to deliver to the highest standards, in line with ACC's recognised code of practice."